Glacier Bancorp Inc. (NASDAQ:GBCI) filed Quarterly Report for the period ended 2010-09-30.
Glacier Bancorp Inc. has a market cap of $985.95 million; its shares were traded at around $13.71 with a P/E ratio of 23.64 and P/S ratio of 2.53. The dividend yield of Glacier Bancorp Inc. stocks is 3.79%. Glacier Bancorp Inc. had an annual average earning growth of 3.2% over the past 10 years.GBCI is in the portfolios of Private Capital of Private Capital Management, Kenneth Fisher of Fisher Asset Management, LLC, John Keeley of Keeley Fund Management, Bruce Kovner of Caxton Associates, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:The Company reported net earnings of $9.4 million for the third quarter of 2010, an increase of $10.9 million, or 717 percent, from the $1.5 million net loss reported for the third quarter of 2009. The diluted earnings per share of $0.13 for the quarter represented a 533 percent increase from the diluted loss per share of $0.03 for the same quarter of 2009. This quarters earnings per share includes $0.02 per share from the gain on sale of investments, net of tax. Annualized return on average assets and return on average equity for the third quarter were 0.60 percent and 4.37 percent, respectively, which compares with prior year returns for the third quarter of (0.11) percent and (0.88) percent, respectively.
Non-interest income for the quarter totaled $24.0 million, an increase of $2.6 million over the prior quarter and $2.3 million over the same quarter as last year. Fee income of $13.2 million increased $1.3 million, or 11 percent, during the quarter and $1.1 million, or 9 percent over prior years quarter, such increases resulting from significant growth in debit card income. Gain on sale of loans increased $1.2 million, or 20 percent, over the prior quarter due to a reduction in mortgage interest rates during the second quarter which continued in the third quarter and led to greater loan origination volume. Gain on sale of loans increased $1.8 million, or 31 percent, over the same period last year, primarily the result of significant purchase and refinance activity this period compared to the third quarter 2009. Net gain on sale of investments was $2.0 million for the current quarter 2010 compared to $242 thousand for the previous quarter and $2.7 million for the prior years quarter. Such sales were executed with the proceeds used to purchase securities that enable the investment portfolio to perform well across varying interest rates. Other income of $1.4 million for the current quarter is a decrease of $1.8 million from the prior quarter, such decrease relates to the second quarter sale of Mountain Wests merchant card servicing portfolio.
Non-interest expense of $52.0 million for the quarter increased by $3.8 million, or 8 percent, from the prior quarter and increased $10.1 million, or 24 percent, from the prior year third quarter. Compensation and employee benefits of $22.2 million increased $583 thousand, or 3 percent, from the previous quarter, partly the result of higher commission expense paid on mortgage originations, and $1.3 million, or 6 percent, from the prior year third quarter which is primarily due to the addition of First National employees in October 2009. The number of full-time equivalent employees increased slightly from 1,654 to 1,658 during the quarter, and increased from 1,577 since the end of the 2009 third quarter.
Occupancy and equipment expense increased $46 thousand, or 1 percent, from the prior quarter and increased $199 thousand, or 3 percent, from the prior year third quarter. Advertising and promotion expense increased $268 thousand, or 16 percent, from prior quarter and increased $316 thousand, or 20 percent, from the third quarter of 2009. The majority of such increases were driven by aggressive advertising relating to the disposal of other real estate owned. Other real estate owned expenses increased $2.3 million, or 31 percent, from prior quarter and increased $6.8 million, or 235 percent, from the prior year third quarter. The current quarter other real estate owned expense of $9.7 million included $1.2 million of operating expenses, $6.4 million of fair value write-downs, and $2.1 million of loss on sale of other real estate owned. The other real estate owned expenses have increased as the Company continues to aggressively dispose of problem assets and other real estate owned. FDIC premiums increased $468 thousand, or 22 percent, from prior quarter and increased $934 thousand, or 55 percent, from the prior year third quarter. Other expenses increased $143 thousand, or 2 percent, from the prior quarter and increased $633 thousand, or 9 percent, from the prior year third quarter which was primarily due to an increase in debt card expenses reflecting the increase in debit card activity and number of debit cards.
The current quarter provision for loan loss expense was $19.2 million, an increase of $1.9 million from the prior quarter and a decrease of $27.9 million from the same quarter in 2009. Net charged-off loans for the current quarter were $26.6 million compared to $19.2 million for the prior quarter and $19.1 million for the same quarter in 2009.
Non-interest expense for the first nine months of 2010 increased by $17.7 million, or 14 percent, from the same period last year, of which 11 percent related to other real estate owned expense. The other real estate owned expenses of $19.3 million for the first nine months of 2010 included $3.3 million of operating expenses, $9.7 million of fair value write-downs, and $6.3 million of loss on sale of other real estate owned. FDIC premiums increased $298 thousand, or 4 percent, from the prior year which included a second quarter special assessment of $2.5 million. Compensation and employee benefits increased $1.7 million, or 3 percent, from 2009. Occupancy and equipment expense increased $629 thousand, or 4 percent, from 2009. Advertising and promotion expense increased by $106 thousand, or 2 percent, from 2009. Other real estate owned expense increased $13.6 million, or 238 percent, from the prior year first nine months. Other expense increased $1.3 million, or 6 percent, from the prior year.
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